THE NATIONAL REAL ESTATE COMPANY

National Real Estate Co. S.A.K.

NREStocksBoursa KuwaitReal Estate

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (KWD)

	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021	2020Dec 31, 2020
Operations
Operating Cash Flow	0.01M	0.32M	-6.66M	2.82M	6.07M
Real Estate Asset Acquisitions	-219.04K	-112.03K	-104.07K	-73.13K	-103.80K
Real Estate Asset Sales	—	—	—	—	24.49K
Investing & Financing
Investing Cash Flow	10.63M	-3.43M	10.30M	10.10M	2.11M
Share Repurchase	—	-0.14M	-13.39M	-25.33M	—
Operating Activities
Operating Cash Flow	0.01M	0.32M	-6.66M	2.82M	6.07M
Net Income	9.31M	-35.18M	17.94M	199.63M	0.44M
Change Accounts Payable RE	-1.58M	-1.58M	-27.78M	-1.90M	6.07M
Change Accounts Receivable RE	3.80M	1.38M	2.22M	-5.51M	-1.96M
Change in Working Capital	2.01M	3.10M	-17.85M	2.70M	7.46M
Other Operating Activities RE	9.71M	9.91M	8.11M	7.86M	11.67M
Depreciation & Amortization	320.01K	341.13K	382.40K	375.28K	379.24K
Cash Interest Paid	7.16M	9.46M	6.55M	7.79M	6.14M
Cash Income Tax Paid	431.08K	171.26K	44.32K	—	—
Net Cash from Discontinued Operations	—	—	—	—	-4.41M
Loss (Gain) on Equity Investments	-21.37M	18.81M	-17.44M	-232.52M	-13.48M
Asset Writedown Cfre	89.99K	38.35K	201.79K	666.04K	200.92K
Investing Activities
Investing Cash Flow	10.63M	-3.43M	10.30M	10.10M	2.11M
Invest In Securities RE	-7.48M	-4.63M	—	—	—
Other Investing Activities RE	18.34M	1.31M	10.41M	5.85M	2.19M
Sale Real Estate Assets	—	—	—	—	24.49K
Acquisition Real Estate Assets	-219.04K	-112.03K	-104.07K	-73.13K	-103.80K
Net Sale Acquisition Real Estate Assets	-219.04K	-112.03K	-104.07K	-73.13K	-79.30K
Loss (Gain) on Sale of Investments	0.21M	0.59M	0.77M	22.22M	2.75M
Financing Activities
Issuance of Common Stock	2.61M	2.29M	12.67M	19.59M	—
Repurchase of Common Stock	—	-0.14M	-13.39M	-25.33M	—
Long-Term Debt Issued	9.92M	4.86M	2.00M	—	—
Long-Term Debt Repaid	-220.11K	-235.07K	-223.66K	-965.06K	-319.88K
Net Debt Issued (Repaid)	9.70M	4.62M	1.78M	-0.97M	-0.32M
Other Financing Activities RE	-7.11M	-7.54M	-6.41M	-5.80M	-6.48M
Free Cash Flow & Returns
Levered Free Cash Flow	16.98M	-12.21M	21.66M	155.50M	8.34M
Unlevered Free Cash Flow	22.81M	-6.40M	26.04M	159.88M	13.22M
Operating Cash Flow Growth	-96.3%	—	—	-53.5%	—
Net Cash Flow	15.81M	0.08M	0.11M	0.33M	0.74M
Foreign Exchange Rate Adjustments	-0.03M	3.95M	1.82M	-0.09M	-0.64M

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (KWD)

	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021	2020Dec 31, 2020
Operations
Operating Cash Flow	0.01M	0.32M	-6.66M	2.82M	6.07M
Real Estate Asset Acquisitions	-219.04K	-112.03K	-104.07K	-73.13K	-103.80K
Real Estate Asset Sales	—	—	—	—	24.49K
Investing & Financing
Investing Cash Flow	10.63M	-3.43M	10.30M	10.10M	2.11M
Share Repurchase	—	-0.14M	-13.39M	-25.33M	—
Operating Activities
Operating Cash Flow	0.01M	0.32M	-6.66M	2.82M	6.07M
Net Income	9.31M	-35.18M	17.94M	199.63M	0.44M
Change Accounts Payable RE	-1.58M	-1.58M	-27.78M	-1.90M	6.07M
Change Accounts Receivable RE	3.80M	1.38M	2.22M	-5.51M	-1.96M
Change in Working Capital	2.01M	3.10M	-17.85M	2.70M	7.46M
Other Operating Activities RE	9.71M	9.91M	8.11M	7.86M	11.67M
Depreciation & Amortization	320.01K	341.13K	382.40K	375.28K	379.24K
Cash Interest Paid	7.16M	9.46M	6.55M	7.79M	6.14M
Cash Income Tax Paid	431.08K	171.26K	44.32K	—	—
Net Cash from Discontinued Operations	—	—	—	—	-4.41M
Loss (Gain) on Equity Investments	-21.37M	18.81M	-17.44M	-232.52M	-13.48M
Asset Writedown Cfre	89.99K	38.35K	201.79K	666.04K	200.92K
Investing Activities
Investing Cash Flow	10.63M	-3.43M	10.30M	10.10M	2.11M
Invest In Securities RE	-7.48M	-4.63M	—	—	—
Other Investing Activities RE	18.34M	1.31M	10.41M	5.85M	2.19M
Sale Real Estate Assets	—	—	—	—	24.49K
Acquisition Real Estate Assets	-219.04K	-112.03K	-104.07K	-73.13K	-103.80K
Net Sale Acquisition Real Estate Assets	-219.04K	-112.03K	-104.07K	-73.13K	-79.30K
Loss (Gain) on Sale of Investments	0.21M	0.59M	0.77M	22.22M	2.75M
Financing Activities
Issuance of Common Stock	2.61M	2.29M	12.67M	19.59M	—
Repurchase of Common Stock	—	-0.14M	-13.39M	-25.33M	—
Long-Term Debt Issued	9.92M	4.86M	2.00M	—	—
Long-Term Debt Repaid	-220.11K	-235.07K	-223.66K	-965.06K	-319.88K
Net Debt Issued (Repaid)	9.70M	4.62M	1.78M	-0.97M	-0.32M
Other Financing Activities RE	-7.11M	-7.54M	-6.41M	-5.80M	-6.48M
Free Cash Flow & Returns
Levered Free Cash Flow	16.98M	-12.21M	21.66M	155.50M	8.34M
Unlevered Free Cash Flow	22.81M	-6.40M	26.04M	159.88M	13.22M
Operating Cash Flow Growth	-96.3%	—	—	-53.5%	—
Net Cash Flow	15.81M	0.08M	0.11M	0.33M	0.74M
Foreign Exchange Rate Adjustments	-0.03M	3.95M	1.82M	-0.09M	-0.64M